Key Points
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A new memo suggests DOJ will continue to prosecute white collar fraud and crimes.
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DOJ identified 10 “high-impact” areas of focus, prioritizing crimes that cause harm to government programs, citizens, and U.S. investors and markets.
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DOJ will focus on white collar fraud committed by individuals and has issued guidance to prosecutors on procedures to follow in corporate investigations.
On May 12, 2025, the head of the Department of Justice’s Criminal Division (the Division), Matthew Galeotti, released a memorandum, which is applicable only to Division attorneys, outlining priorities and policies for prosecuting white collar crime.
Although there has been speculation that the change in administration will result in a decrease in white collar crime enforcement, the memo suggests that DOJ will continue to prosecute white collar fraud and crimes when it comes to crimes that harm government programs, citizens, and U.S. investors and markets.
The memo also notes that not all corporate misconduct will warrant prosecution.
White Collar Priorities
The memo explains that the Division’s focus is on areas where it can make the greatest impact in protecting American citizens and companies, and promoting U.S. interests. The memo identifies 10 “high-impact areas” that will be prioritized. Strands of the Trump administration’s stated priorities run throughout the memo. Two notable areas of focus include:
- Waste, fraud and abuse, which will include health care and federal program procurement fraud.
- Trade and customs fraud, including tariff evasion.
Fraud in the securities and commodities markets will also remain a high priority. Other crimes of interest are:
- Ponzi schemes, investment schemes and other fraud that victimize U.S. investors and consumers.
- Fraud perpetrated by Chinese variable interest entities and other foreign companies listed on U.S. exchanges, including “ramp and dump” schemes and other market manipulation.
- Bribery, foreign bribery and money laundering, including “Chinese Money Laundering Organizations.”
- Conduct that threatens national security interests, such as aiding or transacting with cartels, terrorist organizations and hostile nation states.
Tips that lead to forfeiture in money laundering, narcotics, immigration, terrorism, corporate sanctions offenses, trade or tariff fraud, or corporate procurement fraud will now be eligible for awards under the Corporate Whistleblower Awards Pilot Program.
Guidance on Handling Corporate White Collar Misconduct
The memo highlights DOJ’s historical focus on the investigation or prosecution of individuals, cautions that not all corporate misconduct warrants prosecution and provides guidance on factors to be considered in whether to charge a company.
Companies that identify and self-report individual misconduct to DOJ, cooperate with the government and remediate to address the misconduct may obtain corporate leniency. Prosecutors are also encouraged to consider all forms of resolutions when charges are necessary, such as nonprosecution agreements, deferred prosecution agreements and guilty pleas.
Notably, the Division is reassessing the length of terms for all existing agreements to determine if they should be terminated early. For all new agreements with companies, the memo states that terms should not be longer than three years, except in “exceedingly rare cases.”
The memo urges prosecutors to efficiently investigate potential misconduct and make expeditious charging decisions. It also calls for monitors to be used only when necessary and, when required, that the scope of their review be narrowly tailored to address the risk of recidivism.
This memorandum is provided by Skadden, Arps, Slate, Meagher & Flom LLP and its affiliates for educational and informational purposes only and is not intended and should not be construed as legal advice. This memorandum is considered advertising under applicable state laws.